Bitcoin's first moon trip is about to hit target (Fib 1.414). Seeing price climb a measly 2.4% is so agonizing. Alts are fairing much better this time around. I do not anticipate price to hold above the target. This rocket is done for... at least for now. The best is yet to come for Bitcoin. :)
I have 3 targets setup for Bitcoin in this bull season. They are stated in this chart below.
To all my American friends, HAPPY INDEPENDENCE DAY!
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----------------------------- Remember my motto: The trend may be your friend but the whales are opportunists and more often than not they move against the salient sentiments on TradingView. -----------------------------
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BTC Analysis Update (July 5, 2018) ------------------------- What an exciting turn of events for Bitcoin. We can see that price is moving within the walls of a classic rising wedge (bearish pattern). From my updated chart below, I have projected a trend where 'F' is the final stop for our moon trip this time. Coincidentally, this would set the price in direct contact with our target (or VST #1 of my previous chart titled "Bitcoin Aims North, Period! - Third Time Lucky Revised")
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Price is holding up nicely in the confines of the rising wedge. 50 SMA is curving up nicely to meet with 100 SMA. When it crosses the latter, we will see a long green candle.
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BTC Analysis Update (July 6, 2018): ------------------------- Bitcoin is bullish, make no mistake. Despite it did not play out the rising wedge as we had hoped, SMAs are stacking up nicely in the 4 hour chart. The whales can play mind games to shake off weak hands, making the trend can go down a little, move sideways, up a little and repeat... but I have more than high hopes that price would not revisit the bottom before hitting higher levels (all of my 3 targets). Patience is key in trading and that is how good traders make huge profits while bad ones scrape bits. Sorry I don't have a chart as I am traveling again. I will post a new chart as soon. Happy trading!
Simple moving average vs Smoothed moving average(which i use) vs Exponential moving average, which one do you think have greater weightage in Bitcoin analysis or any other trade analysis ?
Thanks for the help!
cryptoezvip
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@BobbyTips, good question. EMAs react quicker to price action whereas SMAs move slower. In this sense, relying on SMAs can avoid a handful of tricks played by the whales, especially if you play margin.
BobbyTips
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@bibboyne, thanks for the reply,
i basically use MA's to find support & resistance levels, which one of the three MA's do you think is the most effective in this regard (in your BTC trading experience) ...?
cryptoezvip
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@BobbyTips, MAs work just fine. Go with the standard 50, 100 & 200.
Etch1234
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"50 SMA... 100 SMA..." On what time frame??! You should post a chart with your comment because I don't know what you are talking about. Presuming 4 hour chart since that's what you posted last?
So nice detailed great! BTC always had hard time breaking through 50ema daily in FEB and April run..after some correction downwards I am worried it might go below 6.25k where we have hard resistance in ichimoku clouds..where BTC might lose bullish momentum..hmm
cryptoezvip
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@Turningmecard, true but let's get to F first. The crossover between 50 SMA and 100 SMA is just a breath away. Fingers crossed.
UnknownUnicorn3134859
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@bibboyne Interesting view on the rising wedge. Your point F is around the $6800 region. That could be a nice support area. If we just sit on that resistance. If so, you original bullish view may suffice. Not to the moon, but until we retest the bottom again.
Like your work in btw. Thanks.
cryptoezvip
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@Jitsutrader1, yes, that is entirely possible but it is an uphill battle from here and RSI is almost in the oversold region in the 4hr. We will need to see the price action.
Thanks for the help!